Markets revv up

Nifty50: 17,392 ▲ 256 (+1.4%)
Sensex: 57,911 ▲ 874 (+1.5%)

Hey Upstox Fam!

What’s UP? The markets! Oh yes, green was the colour of the day on the street with nearly all sectors surging. The markets shrugged off concerns over the Russia-Ukraine conflict and rising Covid cases to close higher for the second day in a row

• Markets opened with a six and kept up the run rate, supported by bullish cues from European indices.
• Reliance Industries breached its 52-week high and closed at a new lifetime high. 
• In all, 42 of the Nifty50 stocks closed in the green.

Among the Nifty sectoral indices, Auto (+2.2%) and Financial Service (+1.5%) were the top gainers. Media (-0.1%) put up a flop show.

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What’s trending

⭐Atul Auto signals green

Atul Auto’s stock zoomed over 11% after the company said it is developing a cargo and passenger three-wheeler EV prototype with battery-swapping technology. For this, it has tied up with battery company Honda Power Pack Energy India and French automotive supplier, Valeo.

⭐Fino Banks on FDs  

Investors in Fino Payments Bank got a return for their interest in the company today. The stock

price shot up as much as 4% on news that it has received RBI's approval to sell  FDs and recurring deposits (RD) on behalf of a partner bank - Suryoday Small Finance Bank. Interestingly, Suryoday SFB also shot up 10%!

⭐2-minute UPdate on Nestle

Nestle India (-0.2%) has warned of possible price hikes to counter inflationary pressures. Its March quarter revenue grew 10% year-on-year but profits dipped 1% due to higher input costs. 

⭐Shriram Prop. ki unchi hai building
Shriram Properties UP by 4%! The company reported a 19% growth in aggregate sales value to ₹1,482 crore in FY22. The management is confident that this growing demand will lead to more volumes and profits in the coming years.

⭐IndiGo flying high 

Indigo shares took off today, rising over 2%, as the company’s market share in March rose to nearly 55%, up from 51% a month ago. It has also inducted trainee pilots after a two year gap. 

⭐‘Stranger things’ are happening 

Elon Musk’s Tesla reported record profit of $3.3 billion in the March quarter, amid supply-chain problems and ongoing Covid lockdowns in China. 

Meanwhile, after the company lost two lakh subscribers in the last quarter, Netflix shares collapsed 37% in a day! 

In Focus

RIL: ‘Old’ is still Gold

Reliance Industries' stock has gone up 9% already this week and has touched a new high ahead of its results. But what's the fanfare about? 

The company has been in the news for its shopping spree, snapping up the Abu Janis of the world. But, the showstopper is proving to be RIL’s old-economy business - Oil to Chemicals and the fireworks are courtesy, soaring GRMs. 

What is GRM?  The Singapore Gross Refining Margin is an Asian benchmark that determines the amount refiners - like Reliance Industries - earn for turning each barrel of crude oil into fuel products. These GRMs have seen a meteoric rise - increasing 3x in 2022 alone. In April, Singapore GRMs hit the $20 per barrel mark. These are the highest margins reported since 2012.

IPO corner

After a lull, IPOs are back. Hospital chain Rainbow Children’s Medicare will launch its public issue on 27 April 2022. The IPO comprises an offer for sale as well as fresh issue. The company plans to use money raised through the IPO to reduce debt and expand its business. 

Click here to apply for IPOs on Upstox.

Good to know

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